金融科技对中小企业融资约束的影响——以新三板挂牌公司的数据为例

The Impact of FinTech on SME Financing Constraints—Evidence from NEEQ-Listed Companies

摘要: 本文以2015~2021年新三板挂牌企业为研究样本，通过现金–现金流敏感性模型来测度企业的融资约束程度，并运用多元回归模型实证分析金融科技对中小企业融资约束的影响。实证结果表明，金融科技可以通过降低企业杠杆率来缓解中小企业融资约束，并且这种缓解作用在经济较发达地区最明显。由此，本文提出政府应重视金融科技发展，同时加强金融风险监管的建议。

Abstract: Taking the New OTC Markets enterprises from 2015 to 2021 as a research sample, this paper measures the degree of financing constraints of enterprises through a cash-cash flow sensitivity model, and empirically analyzes the impact of Fintech on the financing constraints of SMEs by using multiple regression models. Empirical results show that Fintech can ease the financing constraints of SMEs by improving the long-term solvency of enterprises, and this mitigation effect is more obvious in regions with high economic development levels. Therefore, this paper proposes that the government should pay attention to the development of financial technology and strengthen financial risk supervision.